Crude oil futures fall amid uncertainty over US trade tariffs
Crude oil futures traded lower on Tuesday morning due to uncertainty surrounding US trade tariffs. This created concerns over the demand outlook for the commodity.
At 9.55 am on Tuesday, September Brent oil futures were at $68.53, down by 0.98 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $65.26, down by 1.06 per cent. August crude oil futures were trading at ₹5,650 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5,697, down by 0.82 per cent, and September futures were trading at ₹5,594 against the previous close of ₹5,635, down by 0.73 per cent.
Markets are keenly watching whether the US and European Union (EU) will reach a trade deal before the August 1 deadline. Last week, US President Donald Trump had threatened to impose 30 per cent tariff on EU by August 1.
Quoting diplomats, a Reuters report said an increasing number of EU members, including Germany, are now considering using wide-ranging ‘anti-coercion’ measures which would let the bloc target US services or curb access to public tenders in the absence of a deal.
According to the EU Trade Commissioner Maros Sefcovic, who held discussions with the US, a 30 per cent tariff would ‘practically prohibit’ transatlantic trade.
Market reports said that steep US trade tariffs would have an impact on the global economy. This, in turn, could impact the demand for commodities such as crude oil.
July menthaoil futures were trading at ₹893.30 on MCX during the initial hour of trading on Tuesday against the previous close of ₹890.30, up by 0.34 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August jeera contracts were trading at ₹19,265 in the initial hour of trading on Tuesday against the previous close of ₹19,320, down by 0.28 per cent.
August guargum futures were trading at ₹9,715 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹9,734, down by 0.20 per cent.
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Published on July 22, 2025